Anthropic just locked in $35 billion in debt financing to lease Google’s custom chips across five US data centers, a deal so large it makes most leveraged buyouts look like seed rounds.
Apollo Global Management and Blackstone closed the private credit package in early June 2026, structuring it through a special-purpose vehicle that will purchase Google’s Tensor Processing Units and lease them back to Anthropic. Google, for its part, is providing payment guarantees on the capacity leased at all five facilities, effectively de-risking the arrangement for the lenders.
How the deal actually works
The SPV buys the TPUs, Anthropic leases them, and the lease payments service the $35 billion in debt. The financing is split into three tranches, with Broadcom providing residual-value guarantees on top of Google’s backstops.
The deal traces back to an October 2025 agreement in which Anthropic secured access to over 1 million TPUs, with more than 1 gigawatt of capacity expected to come online by 2026. A separate expansion with Broadcom will add multi-gigawatt capacity starting in 2027.
